Businesses need to identify climate-related risks and opportunities in order to reduce threats posed by global warming that could ‘destabilise’ financial markets, according to a climate initiative backed by Fujifilm.

President Kenji Sukeno has announced that Fujifilm has adopted recommendations from the Task Force on Climate-related Financial Disclosures (TCFD), a think tank established by global banking group the Financial Stability Board (FSB).

'Addressing climate-related issues': Fujifilm president Kenji Sukeno

The TCFD last year urged companies to analyse “climate-related business risks and business opportunities in the mid- to long-term and reflect findings to and disclose financial information in order to mitigate risks that could destabilize financial markets.“

In a statement released in Tokyo, Sukeno said the Japan-based photography and printing giant would “actively disclose information on the impact of climate change on business activities from the perspectives of governance, strategy and risk management.

“Fujifilm Holdings will continue to actively work on addressing climate-related issues and engage in dialogues with stakeholders so as to contribute to the realization of sustainable society.”

Fujifilm’s new Sustainable Value Plan 2030 (SVP2030) aims at reducing group CO2 emissions by 30% by March 2031, compared to 2014, and “contributing to a 50 million ton reduction in society's overall CO2 emissions by encouraging wider use of the company's low-emission products and services.”

The TCFD, formed in 2015 to address the impact that climate change is having on companies and the global financial system, is headed by FSB chairman and Bank of England governor Mark Carney and chaired by possible US presidential candidate, Michael Bloomberg.

More than 275 companies with a combined market capitalization of $US6.6 trillion support the TCFD recommendations, according to the group.